Greater New Orleans

Read HB 731: Governing La. Law in LIFT Case

To help make sense of the legal and accounting mumbojumbo associated with the LIFT scandal, click below to view a marked-up version amending HB 731, the original bill that outlines La. tax incentives. The new law differs from the old law primarily as follows: 1) Limits motion picture tax credit to production expenditures in the state; 2) Includes payroll in certified production costs for the purposes of the credit; 3) Sunsets sales tax exepmptions on January 1, 2006; 4) Increases tax credits from 20% to 25% for base investment greater than $350,000 but less than $1 Million; 5) Removes cap on total credits to be issued by state; 6) Adds reporting requirements; and 7) requires reporting to House Ways and Means Committee and Senate Revenue and Fiscal Affairs. Hint: With regard to the two LIFT movies presently under scrutiny, apply the law that precedes the amendment.Download file